Wednesday, October 14, 2015
Costa Rica's currency, the colon, is up 1% against the dollar this year. That's no reason for a beach party, but it's a sign of an economy that's proven quite resilient.
The very fact that Costa Rica's currency has gotten stronger against the dollar this year is quite a feat. Costa Rica's economy is projected to grow 3.5% this year.
That's much better than the region: Latin America's economy overall is expected to shrink this year, according to the International Monetary Fund's newly published projections this week. Brazil is already in recession and is weighing on much of the region's growth.
Tourism, tech, medical equipment and shipping are the major growth industries in Costa Rica currently.
While China is the biggest trading partner for many other Latin American countries, Costa Rica is more closely tied with United States and Europe.
Despite weathering headwinds this year, it's coming off a tough year. Still, Costa Rica has made economic and currency gains in a year when the rest of the region's growth has come to a halt.
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